Sign up for our newsletter and get a curated list of the top trending stories and exclusive rewards every day.

Trending Topics

Get the MTL Blog app

Download on the App StoreGet it on Google Play

Montreal-Area Home Prices Have Exploded, A Report Shows

Time to move to Gaspésie...
Contributing Writer
Montreal-Area Home Prices Have Skyrocketed, Report Says

Bad news for first-time buyers: Montreal-area home prices are through the roof.

The median price for single-family homes in Montreal soared 28% from February last year to $460,000, "$100,000 more than just 12 months ago," according to a report from the Quebec Professional Association of Real Estate Brokers.

Editor's Choice: Need To Repay CERB This Tax Season? A Quebec Tax Expert Explained The Whole Process

Where are sales decreasing in the Montreal area? 

Prices rose despite a sales slump, says the report.

Contracts were signed for 5,106 properties, representing the slowest February since 2015 and a 3% decrease over the 5,290 sold in February 2020.

Though the Island of Montreal did well, experiencing a 6% increase in sales thanks to a strong condo market, according to the report, there were huge decreases in the suburbs, such as Saint-Jean-sur-Richelieu, which saw a 32 percent drop in the same one-year period.

Other slowing property markets included Laval (a 14% drop), Vaudreuil-Soulanges (10%), the South Shore (8%) and the North Shore (3%).

Why is this happening?

Charles Brant, director of market analysis at the QPAREB, blamed "skyrocketing" prices and scarcer listings in the single-family home market, which reported a 14% drop in sales.

"Condominium sales compensated for the decrease in single-family home sales in February," he said in a statement.

"The drop in inventory of properties for sale and the skyrocketing prices of single-family homes partly explain the increase in condominium and plex transactions."

The median price for condominiums was $340,000, a 24% increase from February 2020, while plexes posted a smaller increase of 9% to $650,000.

"With market conditions still very much to the advantage of sellers, median prices continue to accelerate dramatically against a backdrop of overbidding," reads the report.

More from MTL Blog

Comments 💬

Our comment section is a place to promote self-expression, freedom of speech and positivity. We encourage discussion and debate, but our pages must remain a safe space where everyone feels comfortable and the environment is respectful.

In order to make this possible, we monitor comments to keep spam, hate speech, violence, and vulgarity off our pages. Comments are moderated according to our Community Guidelines.

Please note that Narcity Media does not endorse the opinions expressed in the comment section of an article. Narcity Media has the right to remove comments, ban or suspend any user without notice, or close a story’s comment section at any time.

First and last names will appear with each comment and the use of pseudonyms is prohibited. By commenting, you acknowledge that Narcity Media has the right to use & distribute your content across our properties.

Loading...